Budget a 'balanced one': Kerala chamber

Terming Budget '04-05 as balanced, the Kerala Chamber of Commerce said duty hike in refined oil would help coconut growers.

The Kerala Chamber of Commerce and Industry on Thursday described the Union Budget as a 'balanced one'.

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The foremost attraction in the Budget, as far as Kerala was concerned, was the Centre's reiteration for early commencement of the Vallarpadam International Container Transshipment Terminal on BOT basis, president, Kerala Chamber of Commerce and Industry VM Liaquat Ali said in a press release.

The hike in customs duty for refined oil to 75 per cent would help coconut growers in Kerala. The proposal to compensate loss of revenue by implementing VAT and also the reduction in interest of loans governments was a welcome step.

Stating that there were no surprises in the Budget, he said the thrust has been given to agriculture and agriculture based industries, education, water resources management and infrastructure development.

The 100 per cent tax exemption for agro based industries and infrastructure consortium with a fund of Rs 40,000 crore would give a boost to various sectors of industries, he said.

The proposal for the investment commission and rise in FDI investment to 75 per cent and 49 per cent respectively for insurance and civil aviation, would make India an attractive investment destination, he added.